The Manitowoc Company Reports Third-Quarter 2017 Financial Results
Orders Grow 21% year over year; Revenue increased 14% from Q3, 2016; GAAP EPS of $0.07;
Reaffirms full-year 2017 guidance
The Manitowoc Company, Inc. (NYSE: MTW), a leading global manufacturer of cranes and lifting solutions, today reported
third-quarter net sales of $399.4 million, diluted EPS (“DEPS”) on a GAAP basis of $0.07 and $0.09 on an adjusted basis.
Third-quarter orders of $376.1 million were up 21% from the comparable period in 2016. Backlog totaled $467.9 million at
September 30, 2017, up 32%, from the third-quarter 2016 ending backlog of $353.6 million.
Third-quarter 2017 net sales were $399.4 million versus $349.8 million in the comparable period in 2016. The majority of the
year-over-year increase was attributable to increased demand, primarily in the U.S. market, partly offset by lower demand in the
Asia-Pacific market. Approximately 40% of unit revenue in the third-quarter came from new products introduced since becoming a
stand-alone crane company.
The Company reported net income from continuing operations of $9.7 million, or $0.07 per diluted share, in the third-quarter
2017 versus a net loss from continuing operations of $(138.9) million, or $(1.01) per diluted share, in the third-quarter 2016.
Non-GAAP adjusted net income from continuing operations(1) was $13.5 million, or $0.09 per diluted share, in the
third-quarter 2017 versus a net loss of $(38.8) million, or $(0.28) per diluted share, in the comparable period of 2016. Both GAAP
and Non-GAAP net income benefited from discrete tax items in the period totaling $13.7 million or $0.09 per diluted share. Non-GAAP
adjusted EBITDA(1) for the third-quarter 2017 was $20.8 million compared to negative $20.9 million in the same period
last year.
“Our third-quarter came in largely as expected, reflecting some signs of positive momentum in certain end markets such as the
U.S. energy and commercial construction markets. Orders in the quarter continued to be led by the strength of our customers’ demand
for our new products. The structural cost reductions we have made over the last eighteen months, coupled with higher year-over-year
sales volumes resulted in significant profitability gains over the comparable period,” commented Barry L. Pennypacker, President
and Chief Executive Officer of The Manitowoc Company, Inc.
“I am encouraged by the progress we continue to make in streamlining our organizational structure, providing us the necessary
momentum to achieve our long-term stated goal of double-digit operating margins by 2020. Our strategy to evolve into the world’s
leading crane company remains on track, as we continue to institutionalize the principles of The Manitowoc Way,” concluded
Pennypacker.
Full-Year 2017 Guidance
Manitowoc reiterates its’ full year 2017 financial guidance as follows:
• Revenue - down approximately 5-7% year-over-year;
• Adjusted EBITDA - approximately $59 to $69 million;
• Depreciation - approximately $40 million;
• Capital expenditures - approximately $30 million; and
• Income tax expense - approximately $7 to $10 million, excluding discrete items.
The Company provides guidance on a non-GAAP basis as there is uncertainty in the timing and magnitude of future charges that
would be included in the reported GAAP results.
Investor Conference Call
On Tuesday, November 7th, 2017, at 9:00 a.m. ET (8:00 a.m. CT), The Manitowoc Company’s senior management will discuss its
third-quarter 2017 earnings results during a live conference call for security analysts and institutional investors. A live audio
webcast of the call, along with the related presentation, can be accessed in the Investor Relations section of Manitowoc’s website
at www.manitowoc.com. A replay of the conference call will also be available at the same location on the
website.
About The Manitowoc Company, Inc.
Founded in 1902, The Manitowoc Company, Inc. is a leading global manufacturer of cranes and lifting solutions with
manufacturing, distribution, and service facilities in 20 countries. Manitowoc is recognized as one of the premier innovators and
providers of crawler cranes, tower cranes, and mobile cranes for the heavy construction industry, which are complemented by a slate
of industry-leading aftermarket product support services. In 2016, Manitowoc’s net sales totaled $1.6 billion, with over half
generated outside the United States.
Footnote
(1) Non-GAAP adjusted net income (loss) from continuing operations and non-GAAP adjusted EBITDA (“adjusted EBITDA”) are
financial measures that are not in accordance with GAAP. For a reconciliation to the comparable GAAP numbers please see schedule of
“Non-GAAP Financial Measures” at the end of this press release. Manitowoc believes these non-GAAP financial measures provide
important supplemental information to both management and investors regarding financial and business trends used in assessing its
results of operations. Manitowoc believes excluding specified items provides a more meaningful comparison to the corresponding
reporting periods and internal budgets and forecasts, assists investors in performing analysis that is consistent with financial
models developed by investors and research analysts, provides management with a more relevant measure of operating performance and
is more useful in assessing management performance.
Forward-looking Statements
This press release includes "forward-looking statements" intended to qualify for the safe harbor from liability under the
Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not historical facts are
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based
on the current expectations of the management of the Company and are subject to uncertainty and changes in circumstances.
Forward-looking statements include, without limitation, statements typically containing words such as "intends,” "expects,"
"anticipates," "targets," "estimates," and words of similar import. By their nature, forward-looking statements are not guarantees
of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that
will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from
those expressed or implied by such forward-looking statements. Factors that could cause actual results and developments to differ
materially include, among others:
• unanticipated changes in revenues, margins, costs, and capital expenditures;
• the ability to significantly improve profitability;
• potential delays or failures to implement specific initiatives within the restructuring program;
• issues relating to the ability to timely and effectively execute on manufacturing strategies, including issues relating to
plant closings, new plant start-ups, and/or consolidations of existing facilities and operations, and its ability to achieve the
expected benefits from such actions, as well as general efficiencies and capacity utilization of our facilities;
• the ability to direct resources to those areas that will deliver the highest returns;
• uncertainties associated with new product introductions, the successful development and market acceptance of new and
innovative products that drive growth;
• the ability to focus on the customer, new technologies, and innovation;
• the ability to focus and capitalize on product quality and reliability;
• the ability to increase operational efficiencies across Manitowoc’s business segment and to capitalize on those
efficiencies;
• the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc’s long- term
initiatives;
• the ability to generate cash and manage working capital consistent with Manitowoc’s stated goals;
• the ability to convert order and order activity into sales and the timing of those sales;
• pressure of financing leverage;
• foreign currency fluctuations and their impact on reported results and hedges in place with Manitowoc;
• changes in raw material and commodity prices;
• unexpected issues associated with the quality and availability of materials and components sourced from first parties and
the resolution of those issues;
• unexpected issues associated with the availability, operations and viability of suppliers;
• the risks associated with growth and contraction;
• geographic factors and political and economic conditions and risks;
• actions of competitors;
• changes in economic or industry conditions generally or in the markets served by Manitowoc;
• unanticipated changes in customer demand, including changes in global demand for high-capacity lifting equipment; changes
in demand for lifting equipment in emerging economies, and changes in demand for used lifting equipment;
• global expansion of customers;
• the replacement cycle of technologically obsolete cranes;
• the ability of Manitowoc's customers to receive financing;
• issues related to workforce reductions and subsequent rehiring;
• work stoppages, labor negotiations, labor rates, and temporary labor costs;
• government approval and funding of projects and the effect of government-related issues or developments;
• the ability to complete and appropriately integrate restructurings, consolidations, acquisitions, divestitures, strategic
alliances, joint ventures, and other strategic alternatives;
• realization of anticipated earnings enhancements, cost savings, strategic options and other synergies, and the anticipated
timing to realize those savings, synergies, and options;
• impairment of goodwill and/or intangible assets;
• unanticipated issues affecting the effective tax rate for the year;
• unanticipated changes in the capital and financial markets;
• risks related to actions of activist shareholders;
• changes in laws throughout the world;
• natural disasters and other weather events disrupting commerce in one or more regions of the world;
• risks associated with data security and technological systems and protections;
• acts of terrorism; and
• risks and other factors cited in Manitowoc's 2016 Annual Report on Form 10-K and its other filings with the United States
Securities and Exchange Commission.
Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information,
future events, or otherwise. Forward-looking statements only speak as of the date on which they are made. Information on the
potential factors that could affect the Company's actual results of operations is included in its filings with the Securities and
Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31,
2016.
|
|
|
|
|
|
|
|
THE MANITOWOC COMPANY, INC.
|
| Unaudited Consolidated Financial Information |
|
For the three and nine months ended September 30, 2017 and 2016
|
|
($ in millions, except share data)
|
| |
| INCOME STATEMENT |
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
| Net sales |
|
$ |
399.4 |
|
|
$ |
349.8 |
|
|
$ |
1,099.8 |
|
|
$ |
1,234.9 |
|
| Cost of sales |
|
|
326.9 |
|
|
|
309.0 |
|
|
|
899.1 |
|
|
|
1,027.1 |
|
| Gross profit |
|
|
72.5 |
|
|
|
40.8 |
|
|
|
200.7 |
|
|
|
207.8 |
|
| Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Engineering, selling and administrative expenses |
|
|
60.9 |
|
|
|
73.0 |
|
|
|
184.6 |
|
|
|
218.8 |
|
| Asset impairment expense |
|
|
— |
|
|
|
96.9 |
|
|
|
— |
|
|
|
96.9 |
|
| Amortization of intangible assets |
|
|
— |
|
|
|
0.7 |
|
|
|
0.7 |
|
|
|
2.2 |
|
| Restructuring expense |
|
|
3.7 |
|
|
|
3.9 |
|
|
|
21.3 |
|
|
|
17.1 |
|
| Other operating (income) expense - net |
|
|
— |
|
|
|
0.5 |
|
|
|
— |
|
|
|
2.3 |
|
| Total operating costs and expenses |
|
|
64.6 |
|
|
|
175.0 |
|
|
|
206.6 |
|
|
|
337.3 |
|
| Operating income (loss) |
|
|
7.9 |
|
|
|
(134.2 |
) |
|
|
(5.9 |
) |
|
|
(129.5 |
) |
| Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
|
|
(9.6 |
) |
|
|
(10.0 |
) |
|
|
(29.4 |
) |
|
|
(29.6 |
) |
| Amortization of deferred financing fees |
|
|
(0.5 |
) |
|
|
(0.5 |
) |
|
|
(1.4 |
) |
|
|
(1.8 |
) |
| Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(76.3 |
) |
| Other income (expense) - net |
|
|
(1.2 |
) |
|
|
0.5 |
|
|
|
1.8 |
|
|
|
3.7 |
|
| Total other expense |
|
|
(11.3 |
) |
|
|
(10.0 |
) |
|
|
(29.0 |
) |
|
|
(104.0 |
) |
| Income (loss) from continuing operations before taxes |
|
|
(3.4 |
) |
|
|
(144.2 |
) |
|
|
(34.9 |
) |
|
|
(233.5 |
) |
| Provision for taxes on income |
|
|
(13.1 |
) |
|
|
(5.3 |
) |
|
|
(9.3 |
) |
|
|
103.1 |
|
| Income (loss) from continuing operations |
|
|
9.7 |
|
|
|
(138.9 |
) |
|
|
(25.6 |
) |
|
|
(336.6 |
) |
| Discontinued operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss from discontinued operations, net of income taxes |
|
|
(0.1 |
) |
|
|
(1.8 |
) |
|
|
(0.3 |
) |
|
|
(5.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
9.6 |
|
|
$ |
(140.7 |
) |
|
$ |
(25.9 |
) |
|
$ |
(342.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BASIC INCOME (LOSS) PER COMMON SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) from continuing operations |
|
$ |
0.07 |
|
|
$ |
(1.01 |
) |
|
$ |
(0.18 |
) |
|
$ |
(2.45 |
) |
| Loss from discontinued operations, net of income taxes |
|
|
(0.00 |
) |
|
|
(0.01 |
) |
|
|
(0.00 |
) |
|
|
(0.04 |
) |
| BASIC INCOME (LOSS) PER COMMON SHARE |
|
$ |
0.07 |
|
|
$ |
(1.02 |
) |
|
$ |
(0.18 |
) |
|
$ |
(2.49 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| DILUTED INCOME (LOSS) PER COMMON SHARE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income (loss) from continuing operations |
|
$ |
0.07 |
|
|
$ |
(1.01 |
) |
|
$ |
(0.18 |
) |
|
$ |
(2.45 |
) |
| Loss from discontinued operations, net of income taxes |
|
|
(0.00 |
) |
|
|
(0.01 |
) |
|
|
(0.00 |
) |
|
|
(0.04 |
) |
| DILUTED INCOME (LOSS) PER COMMON SHARE |
|
$ |
0.07 |
|
|
$ |
(1.02 |
) |
|
$ |
(0.18 |
) |
|
$ |
(2.49 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average shares outstanding - Basic |
|
|
140,531,426 |
|
|
|
138,422,953 |
|
|
|
140,351,927 |
|
|
|
137,390,809 |
|
| Weighted average shares outstanding - Diluted |
|
|
143,337,177 |
|
|
|
138,422,953 |
|
|
|
140,351,927 |
|
|
|
137,390,809 |
|
In the fourth-quarter of 2016, the Company changed its method of inventory costing for certain inventory to the FIFO method from
the LIFO method. The Company applied this change in method of inventory costing by retrospectively adjusting the prior period
financial statements.
|
|
|
|
|
|
| MANITOWOC COMPANY, INC. |
| Unaudited Consolidated Financial Information |
|
As of September 30, 2017 and December 31, 2016
|
|
($ in millions)
|
| |
| BALANCE SHEET |
|
|
September 30, 2017 |
|
|
December 31, 2016 |
| ASSETS |
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
29.3 |
|
|
$ |
69.9 |
| Accounts receivable - net |
|
|
165.0 |
|
|
|
134.4 |
| Inventories - net |
|
|
482.2 |
|
|
|
429.0 |
| Notes receivable - net |
|
|
35.6 |
|
|
|
62.4 |
| Other current assets |
|
|
65.3 |
|
|
|
54.0 |
| Total current assets |
|
|
777.4 |
|
|
|
749.7 |
| Property, plant and equipment - net |
|
|
314.1 |
|
|
|
308.8 |
| Intangible assets - net |
|
|
438.6 |
|
|
|
413.7 |
| Other long-term assets |
|
|
53.1 |
|
|
|
45.6 |
| TOTAL ASSETS |
|
$ |
1,583.2 |
|
|
$ |
1,517.8 |
| LIABILITIES & STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
| Current liabilities: |
|
|
|
|
|
|
|
| Accounts payable and accrued expenses |
|
$ |
360.3 |
|
|
$ |
321.2 |
| Short-term borrowings and current portion of long-term debt |
|
|
10.2 |
|
|
|
12.4 |
| Product warranties |
|
|
33.2 |
|
|
|
36.5 |
| Customer advances |
|
|
15.6 |
|
|
|
21.0 |
| Product liabilities |
|
|
22.8 |
|
|
|
21.7 |
| Total current liabilities |
|
|
442.1 |
|
|
|
412.8 |
| Non-current liabilities: |
|
|
|
|
|
|
|
| Long-term debt |
|
|
277.4 |
|
|
|
269.1 |
| Other non-current liabilities |
|
|
235.8 |
|
|
|
245.4 |
| Total non-current liabilities |
|
|
513.2 |
|
|
|
514.5 |
| Stockholders’ equity |
|
|
627.9 |
|
|
|
590.5 |
| TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY |
|
$ |
1,583.2 |
|
|
$ |
1,517.8 |
In the fourth-quarter of 2016, the Company changed its method of inventory costing for certain inventory to the FIFO method from
the LIFO method. The Company applied this change in method of inventory costing by retrospectively adjusting the prior period
financial statements.
|
|
|
|
| MANITOWOC COMPANY, INC. |
| Unaudited Consolidated Financial Information |
|
For the nine months ended September 30, 2017 and 2016
|
|
($ in millions)
|
| |
| CASH FLOW SUMMARY |
|
|
Nine Months Ended
September 30,
|
|
|
|
2017 |
|
|
2016 |
|
| Cash flows from operations: |
|
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
(25.9 |
) |
|
$ |
(342.4 |
) |
| Depreciation |
|
|
29.1 |
|
|
|
34.9 |
|
| Asset impairment expense |
|
|
— |
|
|
|
96.9 |
|
| Other non-cash adjustments - net |
|
|
6.5 |
|
|
|
137.6 |
|
| Accounts receivable |
|
|
(19.8 |
) |
|
|
25.3 |
|
| Inventories |
|
|
(33.8 |
) |
|
|
(32.5 |
) |
| Notes receivable |
|
|
15.0 |
|
|
|
24.6 |
|
| Other assets |
|
|
(12.1 |
) |
|
|
(11.5 |
) |
| Accounts payable |
|
|
36.4 |
|
|
|
(87.0 |
) |
| Accrued expenses and other liabilities |
|
|
(29.3 |
) |
|
|
(26.1 |
) |
| Net cash used for operating activities of continuing operations |
|
|
(33.9 |
) |
|
|
(180.2 |
) |
| Net cash used for operating activities of discontinued operations |
|
|
(0.3 |
) |
|
|
(49.3 |
) |
| Net cash used for operating activities |
|
|
(34.2 |
) |
|
|
(229.5 |
) |
| Cash flows from investing: |
|
|
|
|
|
|
|
|
| Capital expenditures |
|
|
(17.0 |
) |
|
|
(34.8 |
) |
| Proceeds from fixed assets |
|
|
6.7 |
|
|
|
2.3 |
|
| Other |
|
|
0.3 |
|
|
|
(0.3 |
) |
| Net cash used for investing activities of continuing operations |
|
|
(10.0 |
) |
|
|
(32.8 |
) |
| Net cash used for investing activities of discontinued operations |
|
|
— |
|
|
|
(2.4 |
) |
| Net cash used for investing activities |
|
|
(10.0 |
) |
|
|
(35.2 |
) |
| Cash flows from financing: |
|
|
|
|
|
|
|
|
| Proceeds from (payments on) long-term debt- net |
|
|
2.5 |
|
|
|
(1,090.0 |
) |
| Payments on notes financing - net |
|
|
(3.6 |
) |
|
|
(8.7 |
) |
| Exercise of stock options |
|
|
3.7 |
|
|
|
6.4 |
|
| Debt issuance costs |
|
|
— |
|
|
|
(8.9 |
) |
| Cash transferred to spun-off subsidiary |
|
|
— |
|
|
|
(17.7 |
) |
| Dividend from spun-off subsidiary |
|
|
— |
|
|
|
1,361.7 |
|
|
Net cash provided by (used for) financing activities of
continuing operations
|
|
|
2.6 |
|
|
|
242.8 |
|
|
Net cash provided by financing activities of discontinued
operations
|
|
|
— |
|
|
|
0.2 |
|
| Net cash provided by (used for) financing activities |
|
|
2.6 |
|
|
|
243.0 |
|
| Effect of exchange rate changes on cash |
|
|
1.0 |
|
|
|
1.2 |
|
| Net decrease in cash and cash equivalents |
|
$ |
(40.6 |
) |
|
$ |
(20.5 |
) |
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
Non-GAAP Items
Non-GAAP adjusted net income (loss) from continuing operations and non-GAAP adjusted EBITDA are financial measures that are not
in accordance with GAAP. Manitowoc believes these non-GAAP financial measures provide important supplemental information to
both management and investors regarding financial and business trends used in assessing its results of operations. Manitowoc
believes excluding specified items provides a more meaningful comparison to the corresponding reporting periods and internal
budgets and forecasts, assists investors in performing analysis that is consistent with financial models developed by investors and
research analysts, provides management with a more relevant measure of operating performance and is more useful in assessing
management performance.
|
|
| Non-GAAP Adjusted Net Income (Loss) and Income (Loss) Per Share from
Continuing Operations |
|
| ($ in millions, except share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
|
Nine Months Ended
September 30,
|
|
|
|
2017 |
|
|
2016 |
|
|
2017 |
|
|
2016 |
|
| Net income (loss) from continuing operations |
|
$ |
9.7 |
|
|
$ |
(138.9 |
) |
|
$ |
(25.6 |
) |
|
$ |
(336.6 |
) |
| Special items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset impairment |
|
|
— |
|
|
|
96.9 |
|
|
|
— |
|
|
|
96.9 |
|
| Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
76.3 |
|
| Restructuring expense |
|
|
3.7 |
|
|
|
3.9 |
|
|
|
21.3 |
|
|
|
17.1 |
|
| Separation equity awards |
|
|
— |
|
|
|
0.4 |
|
|
|
— |
|
|
|
2.3 |
|
| Tax valuation allowance and one time tax items |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
103.8 |
|
| Tax on special items |
|
|
0.1 |
|
|
|
(1.1 |
) |
|
|
0.1 |
|
|
|
(2.1 |
) |
|
Non-GAAP adjusted net income (loss) from continuing
operations
|
|
$ |
13.5 |
|
|
$ |
(38.8 |
) |
|
$ |
(4.2 |
) |
|
$ |
(42.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted income (loss) from continuing operations per share |
|
$ |
0.07 |
|
|
$ |
(1.01 |
) |
|
$ |
(0.18 |
) |
|
$ |
(2.45 |
) |
| Special items, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset impairment |
|
|
0.00 |
|
|
|
0.70 |
|
|
|
0.00 |
|
|
|
0.71 |
|
| Loss on debt extinguishment |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.56 |
|
| Restructuring expense |
|
|
0.02 |
|
|
|
0.03 |
|
|
|
0.15 |
|
|
|
0.12 |
|
| Separation equity awards |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.02 |
|
| Tax valuation allowance and one time tax items |
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.00 |
|
|
|
0.73 |
|
|
Diluted non-GAAP adjusted net income (loss) per share from continuing operations
|
|
$ |
0.09 |
|
|
$ |
(0.28 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.31 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA and Non-GAAP Adjusted Operating Income (loss)
The company defines adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, plus an addback of
certain restructuring charges. The reconciliation of GAAP net income (loss) to adjusted EBITDA and adjusted operating income (loss)
for the current and previous four quarters, as well as the trailing twelve months is as follows ($ in millions):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trailing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve |
|
|
9/30/2017 |
|
|
6/30/2017 |
|
|
3/31/2017 |
|
|
12/31/2016 |
|
|
Months |
|
| Net income (loss) |
$ |
9.6 |
|
|
$ |
0.5 |
|
|
$ |
(36.0 |
) |
|
$ |
(33.4 |
) |
|
$ |
(59.3 |
) |
|
Loss from discontinued operations, net of income taxes
|
|
0.1 |
|
|
|
0.2 |
|
|
|
— |
|
|
|
1.4 |
|
|
|
1.7 |
|
|
Interest expense and amortization of deferred financing fees
|
|
10.1 |
|
|
|
10.1 |
|
|
|
10.6 |
|
|
|
10.4 |
|
|
|
41.2 |
|
| Provision (benefit) for taxes |
|
(13.1 |
) |
|
|
2.3 |
|
|
|
1.5 |
|
|
|
(2.6 |
) |
|
|
(11.9 |
) |
| Depreciation expense |
|
9.2 |
|
|
|
9.3 |
|
|
|
10.6 |
|
|
|
10.7 |
|
|
|
39.8 |
|
| Amortization of intangible assets |
|
— |
|
|
|
0.3 |
|
|
|
0.4 |
|
|
|
0.8 |
|
|
|
1.5 |
|
| EBITDA |
|
15.9 |
|
|
|
22.7 |
|
|
|
(12.9 |
) |
|
|
(12.7 |
) |
|
|
13.0 |
|
| Restructuring expense |
|
3.7 |
|
|
|
5.9 |
|
|
|
11.7 |
|
|
|
6.3 |
|
|
|
27.6 |
|
| Other (income) expense - net (1) |
|
1.2 |
|
|
|
(3.4 |
) |
|
|
0.4 |
|
|
|
0.7 |
|
|
|
(1.1 |
) |
| Adjusted EBITDA |
|
20.8 |
|
|
|
25.2 |
|
|
|
(0.8 |
) |
|
|
(5.7 |
) |
|
|
39.5 |
|
| Depreciation expense |
|
(9.2 |
) |
|
|
(9.3 |
) |
|
|
(10.6 |
) |
|
|
(10.7 |
) |
|
|
(39.8 |
) |
| Non-GAAP adjusted operating income (loss) |
|
11.6 |
|
|
|
15.9 |
|
|
|
(11.4 |
) |
|
|
(16.4 |
) |
|
|
(0.3 |
) |
| Restructuring expense |
|
(3.7 |
) |
|
|
(5.9 |
) |
|
|
(11.7 |
) |
|
|
(6.3 |
) |
|
|
(27.6 |
) |
| Amortization of intangible assets |
|
— |
|
|
|
(0.3 |
) |
|
|
(0.4 |
) |
|
|
(0.8 |
) |
|
|
(1.5 |
) |
| Other operating income (expense) - net |
|
— |
|
|
|
0.2 |
|
|
|
(0.2 |
) |
|
|
(0.3 |
) |
|
|
(0.3 |
) |
| GAAP operating income (loss) |
$ |
7.9 |
|
|
$ |
9.9 |
|
|
$ |
(23.7 |
) |
|
$ |
(23.8 |
) |
|
$ |
(29.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA margin percentage |
|
5.2 |
% |
|
|
6.4 |
% |
|
|
(0.3 |
)% |
|
|
(1.5 |
)% |
|
|
2.7 |
% |
|
Non-GAAP adjusted operating income (loss)
margin percentage
|
|
2.9 |
% |
|
|
4.0 |
% |
|
|
(3.7 |
)% |
|
|
(4.3 |
)% |
|
|
0.0 |
% |
(1) Other (income) expense - net includes foreign currency translation adjustments and other miscellaneous items.
The Manitowoc Company, Inc.
Ion Warner
VP, Marketing and Investor Relations
717-593-5266
View source version on businesswire.com: http://www.businesswire.com/news/home/20171106006482/en/